Two weeks before the entry into force of the EU embargo, Russia has already lost more than 90% of its market in the northern countries of the bloc.
These states used to be the basis for supplies from the Baltic and Arctic terminals, writes Bloomberg.
The publication reports that three-quarters of the crude oil loaded into Russian Baltic ports is now heading for Asia, and Indian refiners are snapping up barrels to take advantage of the grace period.
In the four weeks leading up to Nov. 18, Russia shipped only 95,000 barrels a day to Rotterdam (more than 1.2 million barrels before the invasion of Ukraine). Total supplies from Russia fell to 2.67 million bpd in the seven days to November 18.
Lithuania, France and Germany stopped importing Russian oil months ago, and Poland followed suit in September. Three-quarters of the oil loaded in Russia’s Baltic ports is now destined for Asia.
The European Union in early October approved the eighth package of sanctions against Russia. It includes a cap on oil prices and a ban on cryptocurrencies.
While the EU ban on the import of Russian offshore oil remains fully in place, the price cap, once implemented, will allow European operators to carry out and support the transportation of Russian oil to third countries, provided that its price remains under a pre-set limit. EU communication on 6 October.
We are talking about a ban on the transportation of oil to third countries at a price above the established ceiling (it has not yet been named).
Source: Racurs
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